Yellen Says Higher Interest Rates Would Be ‘Plus’ for U.S., Fed
“Treasury Secretary Janet Yellen said President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year and higher interest rates. “If we ended up with a slightly higher interest rate environment it would actually be a plus for society’s point of view and the Fed’s point of view,” Yellen said Sunday in an interview with Bloomberg News during her return from the Group of Seven finance ministers’ meeting in London.”
ECB Isn’t About to Flinch at First Sign of a Recovery: Eco Week
“European Central Bank officials will debate whether to prolong their elevated pace of emergency bond-buying this week, a judgment that rests on how fragile they determine the economy’s recovery to be. Confidence is the strongest in three years, prices at factory gates are jumping by the most since 2008, and inflation is technically above target. Yet multiple policy makers have signaled that’s not enough to change course — continued ultra-loose policy is needed to drive home the rebound from an unprecedented crisis that isn’t yet over.”
China’s Cautious Consumers Offer Clues for Post-Pandemic World
“Consumers in China remain cautious even though the Covid-19 outbreak has been under control for much of the past year. That’s offering clues for the kind of spending patterns that emerge globally once pent up demand fades. While China didn’t pump up consumers with stimulus checks, its aggressive control over the virus allowed the economy to quickly re-open and drive real household income growth to 13.7% in the first quarter of this year.”
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